but we've had year after year in the bush administration and in the obama administration in which said taxes don't have to go up. deficits don't matter. turns out they do matter. turns out that we go bankrupt, it will matter a lot. where to get the money from? well, i'd like to have every citizen in america pay at least some taxes, even if it's $100. but there are very, very many very rich people. they're tax are the lowest they've ever been since world war ii doesn't make sense. >> greg: that, to me is not an argument. we've got plenty of revenue coming in. it's about spending. it's like why do you raise taxes when you know that spending is the problem. >> it isn't the problem. it's partly the problem. and taxes are part of the problem. we're spending way more than we should and there is incredible waste in the federal government. we need some kind of serious commitment with teeth to get that waste out of the government. we've also cut taxes over and over again during the bush administration. we cut them a tiny bit for the first obama administration. we need more revenue. as mr. obama